Foreclosure in 02453>Question Details

Liz, Other/Just Looking in 02453

Deutsche bank has deed in their name how long do they take to 1. accept/reject offer 2. complete P&S 3.

Asked by Liz, 02453 Tue Sep 1, 2009

close Deutsche bank has bought a condo at auction recorded the deed in their name and given the property to an agent for sale. Once an offer is made how long does it take them to accept or reject it. If they accept it how long does it take them to issue the P&S document that they use? Finally how long after the P&S is complete does it take them to close the deal. I would assume that their goal is to get these properties off their books as quickly as possible.

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I have found that once the bank has aquired the property and has it listed, you can usually get an answer within a week. Most will want you to sign the banks addendums and the p&s within 48 hours of acceptance allowing no changes to be made to the paperwork. The common snag is obtaining a clean title. Often times the title search will uncover issues that need to be addressed before the bank can legally come to the closing table.

You should take TerritoryRE's advice and find yourself a good Buyer's Agent that has had experience in bank owned properties. Make sure your agent does a market analysis, I have had three recent encounters where the bank has foreclosed and re listed the home 15-25k higher than what the previous agent was trying to get for a short sale.
Good Luck!
0 votes Thank Flag Link Tue Sep 1, 2009
Be patient if you want the property, are you the only offer, are they holding offers and submitting togethre? Some banks are 96 hours and some are 6 months!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! You would think that is the goal!
0 votes Thank Flag Link Tue Sep 1, 2009
Hi, Liz!
yes, that is the logical assumption about banks wanting to get the properties off their books but you will find this very often is not the case. Banks are still overwhelmingly disorganized when it comes to selling properties and often the agent listing the property doesn't help make that process any better. It is near to impossible to give you a set time frame on each stage of the purchase process because each bank is different (some less organized then others) but generally speaking you should plan on the process taking around 3 months to come together. Hire a buyer agent that has dealt with these types of transactions (do not use the listing agent!), They will help manage your expectations and keep your interests protected.

Good luck!
0 votes Thank Flag Link Tue Sep 1, 2009
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